Closing Entries

Below is a list of accounts of Show It All Advertising Agency. Prepare the closing entries for year ended December 31, 2018 Advertising Income Accounts Receivable Accounts Payable Salaries and Wages Rent Expense Utilities Expense Supplies Expense Insurance Expense Del Valle, Capital Del Valle, Personal P 1,035,000 90,000 49,000 198,000 360,000 174,960 54,980 36,000 700,000 130,000 Example: Bantay Salakay Security Agency Closing Entries December 31, 2019 Debit Credit CJE - 1 Service Income P 668,400 Revenue and Expense Summary P 668,400 To close service income to revenue and expense account CJE - 2 Revenue and Expense Summary 703,244 Salaries and Wages 236,000 Insurance Expense 228,000 Utilities Expense 118,548 Supplies Expense 14,172 Advertising Expense 18,924 Taxes Expense 87,600 To close expenses to revenue and expense account. CJE - 3 Revenue and Expense summary 34,844 y, Drawing 34,844 To close Revenue and expense summary to drawing account Example: Below is a list of accounts of Bantay Salakay Security Agency. Prepare the closing entries for year ended Decmber 31, 2019 Service Income 668,400 Salaries and wages 236,000 Insurance Expense 228,000 Utilities Expense 118,548 Supplies Expense 14,172 Advertising Expense 18,924 Taxes Expense 87,600 y, Capital 480,000 Y, Drawing 96,000